Central Banks Forex Market Intelligence News

Dollar lags to start the day with non-farm payrolls in focus

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The dollar is giving back a decent chunk of its post-Fed advance on the day so far, as markets are retracing some of the moves from the past few sessions. There’s not much in the headlines driving the drop in the dollar today, with it just looking like a bit of a pullback after the post-Fed reaction.

AUD/USD is up over 1% to 0.6355 as we look towards European trading, pretty much erasing the drop from yesterday:

Elsewhere, EUR/USD is up 0.4% to 0.9790 and GBP/USD up 0.6% to 1.1240 at the moment. The latter in particular is showing a bit of fight after a drop below 1.1200 yesterday amid a more dovish BOE as well.

Despite the early moves, all eyes are on the US non-farm payrolls later today as the next key risk event for markets. Even if the US inflation data next week will be the more important release to be mindful about, jobs data might still offer some added volatility on a week where central banks have been the main focus.